You’re definitely on the right track with your analysis and way of thinking—looking at markets that land in the top right of your chart makes sense because you’re aiming for both rent and price growth, but sometimes those “hidden gem” cities don’t have the infrastructure of agents, lenders, or property managers that make it easy to invest in from out of state.

so it's basically MAO= ARV x .70 - repairs - your fee.

Fee Builders will agree to a "Cost Plus" model of offering their services.

Otherwise, no tax due.TX LLC has no annual fees and registering a foreign LLC to do business in TX costs more than a new formation.Don't put it in your personal name! 

She agreed and is asking for a loan from me to pay off her late mortgage and fees.   

You mentioned 20k finder's fee (is this for each property sourced or a one time fee for their program/etc), 10% maintenance fee on gross income, $18/SF design fee.

So, give them money to move.Bought for $157,100.38 ****** ARV$245,000.005 bed 3 bath – Phoenix AZThese are the numbers from the HUD statementBought for $157,100.38 ****ARV$245,000.00Existing Loan Amt Payoff $118,145.37*Subject To$118,145.37****Closing Costs From HUDTitle$1,045.00Escrow$1,400.00County Taxes$538.38Recording Fee$120.00Cash to seller$10,000.00Misc other charges$525.00Total Amount Due $$13,628.38***Arrears To Bring Account DueTotal Number of Missed Payments:11Total Payment Amount$10,095.47Unpaid Late Charges$146.84Additional Amounts:Foreclosure Fee/Cost$354.19Unpaid Advance Bal$1,101.75Total Amount Due $$11,698.25***FHA Loan Mod 2nd$11,582.44***My Out of Pocket$36,909.07***Total Cost Basis of Purchase$155,054.44ARV (After Repair Value)$245,000.00Repairs Post Purchase$ 5,000.00 +/-Unrealized Profit$84,945.56***Equity (ARV minus Subject To payoff)$126,854.63***I strongly recommend having 3 months reserves as follows:Monthly Mortgage$917.77(Taxes included)Electric Monthly$362.21Water & Sewer Monthly$102.80HOA – None$0Reserves3 months mortgage payments @ $917.77 per month = $2,753.313 months Electric payments @ $362.21 per month = $1,086.633 months Water payments @ $102.80 per month = $ 308.40 Minimum Reserves Total $4,148.34Then I turned around and sold it to someone in CA on a Lease Option for $265,000 getting $20,000 down on a nonrefundable Option fee, and rent of $1,900 a month.

Thus far, you pay up front the wholesale fee of $15,000 for three properties.

Quote from @Joseph Tadres: You should always have a late fee in your lease agreement.

I've had to be the one presenting the offer, because there is almost always a counter offer and a hidden need from the seller that has to be uncovered.